“Does Anyone Really Know What is Going on with Foreclosures?”

Patrick Pulatie at LFI Analytics has noticed a huge discrepancy in the number of reported foreclosures by varying organizations. Via Email Pulatie writes …

Much of my off time is spent in reviewing the reports of other entities regarding the foreclosure crisis, correlating data and trying to forecast what to expect in the future.

Frankly, I am at the point where I am wondering whether anyone has a true reading on what is happening.

Office of the Comptroller of the Currency

At the end of the 2nd Quarter, the OCC reports:

It Monitored 32.7 million first mortgages out of 53 million total, representing 62% of all first mortgages.

4.9% or 1.57 million were more than 60 days late, or at least 1 month late while in Bankruptcy.

5.5 million are late by over 30 days, or in the foreclosure process.

1.3 million in some stage of foreclosure.

88% of mortgages were current. (This would mean that 3.944 million were not current of the 32.7 million being monitored.)

800,000 REO’s

If 1.57 million loans are more than 60 days late and 5.5 million are late by over 30 days, then 3.8 million must be between 30 days and 60 days late.

Continue reading:

via Mish’s Global Economic Trend Analysis: “Does Anyone Really Know What is Going on with Foreclosures?”.

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